| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16400 |
| 来源ID | Working Paper 16400 |
| Financial Frictions and the Persistence of History: A Quantitative Exploration | |
| Francisco J. Buera; Yongseok Shin | |
| 发表日期 | 2010-09-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We quantify the role of financial frictions and the initial misallocation of resources in explaining development dynamics. Following a reform that triggers efficient reallocation of resources, our model economy with financial frictions converges slowly to the new steady state--it takes twice as long to cover half the distance to the steady state as the neoclassical growth model. Investment rates and total factor productivity start out low and rise over time. These model dynamics are endogenously determined by the extent of initial resource misallocation and the degree of financial frictions. We present data from post-war miracle economies on the evolution of macro aggregates, factor reallocation, and establishment size distribution, which support the aggregate and micro-level implications of our theory. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Development and Growth ; Development ; Growth and Productivity ; Country Studies |
| URL | https://www.nber.org/papers/w16400 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574075 |
| 推荐引用方式 GB/T 7714 | Francisco J. Buera,Yongseok Shin. Financial Frictions and the Persistence of History: A Quantitative Exploration. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16400.pdf（282KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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